Client Alerts
State of emergency in Turkey
On 20 July 2016, the Turkish government announced a state of emergency for the entire country in response to the failed military coup which took place on 15 July 2016. The state of emergency is scheduled for a period of three months, starting from 21 July 2016. The decision of the Turkish government on the announcement of the state of emergency has been published in the Turkish Official Gazette on 21 July 2016 and subsequently approved by the Turkish Parliament....
Common fraud schemes in the CEE Region
Fraud schemes such as "Fake President Fraud", "CEO/CFO FRAUD" or "CEO Email Scam" are an increasing phenomenon in the CEE Region. Based on a rather simple but highly effective scenario perpetrators target companies and – either by telephone or e-mail – succeed in convincing the companies' officers to make money transfers to foreign bank accounts....
No award is safe! and: limitation of third party capacities!
In the field of public procurement law, the European Court of Justice has recently passed two far-reaching decisions. Our Client Alert helps you understand how these decisions might affect your businesses....
Mandatory EU cybersecurity standards in critical business sectors and in digital services
The EU Cybersecurity Directive, known as the "NIS Directive" was published on 19 July 2016 in the Official Journal of the European Union. The NIS Directive entered into force on 8 August 2016 and the Member States will have to transpose the Directive into their national laws by 9 May 2018....
Public consultation on cross-borders distribution of investment funds
Since 1985, the EU has sought to mobilize capital in Europe and encourage investment in all Member States by promoting cross border distribution of funds. To this end, certain key pieces of legislation were adopted starting with the Council Directive 85/611/EEC of 20 December 1985 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) and ending with the most recent Directive 2011/61/EU of 8 June 2011 on Alternative Investment Fund Managers....
PSD2: EBA consults on strong customer authentication and common secure communication
On 12 August 2016 the European Banking Authority (EBA) published a Consultation Paper on draft regulatory technical standards on strong customer authentication and common and secure communication under the revised Payment Services Directive (EU) 2015/2366 (PSD2)....
Ukrainian competition authority adopts new merger clearance regulation
The new Merger Clearance Regulation that entered into force on 19 August 2016, can be considered as another step towards harmonizing Ukrainian legislation with EU law. The Regulation, though not yet ideal, contains a number of positive developments that we expect significantly to simplify, shorten and make the process of gathering required information by notifying parties as well as the merger filing process itself more cost-efficient....
How retailers can avoid fines from the consumer protection authority
The National Authority for Consumer Protection ("ANPC") imposed sanctions during Q1 2016 upon clothing retailers in Romania, in the aftermath of various inspections targeting compliance with marketing, advertising and labelling regulations....
Cancellation of registration of foreign investments in Ukraine
On 31 May 2016, the Parliament of Ukraine adopted amendments to several Ukrainian legislative acts resulting in cancellation of the registration of foreign investment (Draft Law No 2763). The requirement to register foreign investments had existed since 1996 and was a prerequisite for foreign investors to enjoy a number of privileges and protection under the Foreign Investments Act....
New public procurement laws have entered into force in Romania on 26 May 2016
On 23 May 2016, the Romanian Official Gazette published the highly anticipated new public procurement package consisting of four (4) laws. The new public procurement laws will apply to all public procurement proceedings initiated after their entry into force and to those public procurement contracts that are concluded after this date....
A Ptk. Finanszírozási gyakorlatot érintö módositásai
Jelen Hírlevelünkben a Polgári Törvénykönyvről szóló 2013. évi V. törvény módosításával kapcsolatosan a finanszírozási gyakorlatot érintő jelentősebb változtatásokra térünk ki, melyet az alábbi linkre kattintva lehet letölteni. Egyebekben a Hírlevél részét képező Melléklet tartalmazza a módosuló új, illetve hatályon kívül helyezett szakaszok összefoglalóját. Bízunk benne, hogy az abban foglalt információkat hasznosnak fogja találni....
The new general collective agreement for FBIH – Significance for employers
If you're an employer in Federation of Bosnia and Herzegovina, then watch out! A new General Collective Agreement for FBiH has just come into effect changing, inter alia, how the lowest hourly rate, meal allowance and salary increases are calculated. This complements the new Labour Law and regulates issues that it did not cover or were contrary to its provisions....